TDS On Immovable Property Payment Mandatory From June 1, 2013..!

E - Payment of TDS on Sale of Property link...

From June 1st 2013, transfer by a resident of immovable property (other than agricultural land) where consideration exceeds Rs, 50 lakhs would attract TDS at 1 per cent under section 194 IA. The person is required to deduct tax and would not be required to obtain a Tax Deduction Account Number.

The Central Board of Direct Taxes (CBDT) has come out with an online form for making TDS payment on property transactions.

This form requires mandatory quoting of PAN which is verified with the IT Department's website. It also asks for address of the transferor and transferee along with the address of the property transaction.

Further only e payment form is available & keeping in view the details asked in the form, we do not expect  that offline or paper form will be made available for payment by CBDT.

Following details has been asked in the form..!

**    PAN details of the Transferee

**    PAN  details of transferor

**    Complete address details of Transferee

**    Complete address details of transferor

**    Address of property involved in transaction

**    Amount payable

 **   Tax 1 per cent amount deductible / deducted 

The new form is available on TIN-NSDL and field with sign is only mandatory.

E-Payment of TDS on Sale of Property link below

https://onlineservices.tin.nsdl.com/etaxnew/tdsnontds.jsp\

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